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Forecasting Solution Case Study
Customer Profile
Carreker Corporation improves earnings for financial institutions around the world. Our integrated consulting and software solutions are designed to increase our clients' revenues and reduce their expenses, while improving security and increasing the value of their customer relationships. Carreker provides products and services to more than 200 clients in the United States, Canada, the United Kingdom, Ireland, Australia, and South Africa. Clients include the full range of community, regional and large banks, among them more than 75 of the largest 100 banks in the United States. Headquartered in Dallas, Texas since 1978, Carreker Corporation also has offices located around the world including London, Toronto, and Sydney.
Business Problem: Provide systems to banks to estimate required cash at ATM/MAC machines
The need for accurate forecasts for Automated Teller Machines is critical so that customer’s can get the cash they need while minimizing the amount of cash to sit at the machine.
Since Carreker provides services to most of the banks in America it is imperative that the systems provide error free and accurate performance. Banks and their clientele do not tolerate poor service and will switch to another service rather quickly if they do not feel secure with who is managing their money.
There are required levels of security for moving the cash from the vault to the machines. This comes with a cost for the armored cars in order to fill the supply chain.
Carreker provides forecasts each week for the next 7 days. Carreker had been using a forecasting system where a customized solution was not performing up to expected standards. There were fluctuations in the data during the week that were not being properly handled which resulted in not enough cash at the machines when needed and too much when it was not needed. The inefficiencies were hurting their business in which they are the market leader.
Solution
The modeling and forecasting solution chosen was Autobox.
The off-the-shelf solution was able to provide excellent forecasts for all of the test data. A full roll out will provide a level of service that will put Carreker far ahead of the competition.
Expected Benefits of solution implemented
1. Improve vault, ATM and branch cash forecasts,
2. Increase customer satisfaction with less cash outages
3. Decrease cash transportation costs
4. Decrease cash outlays
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